Tag: economics

Finance Commission has been established by the President of India in the year 1951. It was constituted to define the financial relations between the central government and individual state governments of India. Moreover, it was established under Article 280 of the Indian Constitution.

Thus, the correct answer is B.

Finance Commission is a commission that defines the terms of qualification, disqualification, eligibility and the powers of the Finance Commission. The Commission was established in the year 1951. The same was established under Article 280 of the Indian Constitution. It was appointed for the period 1952-1957. It was chaired by KC Neogy.

Thus, the correct answer is D.

Finance Commission (FC) is appointed directly by the President. The major function of FC is to keep a  vertical balance between the financial revenues of taxes collected by the central govt, it recommends how the distribution should be among the union and states also grants distribution. It is on the recommendation of this institution that the financial decisions are taken hence it could be described as recommending agency.  

The budget is a statement prepared by the government. It says how much money the government plans to spend on particular things in the next year. Moreover, it also states how the government plans to collect money. It is made for a particular period of time. Furthermore, the budget is traditionally submitted on the last day of the month of February.

The correct answer is A.

Earlier the railway budget was presented in the Parliament before the Union Budget. Since 2016 it was merged with the Union budget and presented along with it on the 1st of February every year. 

Planning Commission was formed on 15^th March 1950. It is an institution in the Government of India which formulated India's five-year plans. It has other important functions. Among other important functions includes its setting of overall targets for various ministries of India.

Thus, the correct answer is B.

According to the reports published by various agencies/ organizations, it is estimated that around 3 billion extra people will join our existing population of 6 billion by the year 2050. To provide food for all of them, the second round of Green Revolution, Planned Urbanisation, Industrialisation initiatives are required to be started in advance.

Thus, the correct answer is D.

A finance bill is a Money Bill. It is defined in Article 110 of the Constitution. It is passed by the Parliament within a period of 75 days of its introduction. It is a bill introduced each year to give effect to financial proposals of the Government of India for the next following financial year.

Thus, the correct answer is B.

Competition Commission of India is a statutory body of the Government of India responsible for enforcing The Competition Act, 2002 throughout India and to prevent activities that have an appreciable adverse effect on competition in India.
It was established on 14 October 2003.CCI consists of a Chairperson and 6 Members appointed by the Central Government.